Striking Beaux Arts Masterpiece, 141 5th Avenue, Completely Sold Out
April 06, 2011New York, N.Y. (April 6, 2011) – CORE is pleased to announce that all 34 units at 141 5th Avenue, one of the firm’s new developments, are now completely sold out, with sales totaling $112M. With exclusive sales led by CORE Managing Director, Emily Beare, the extraordinary 12-story landmark buildings’ units were sold at up to $2,656 per square foot.
“This project encompasses CORE’s commitment to evolving New York City real estate and demonstrates our innovation in the marketing and sales processes,” notes Shaun Osher, CEO of CORE. “When we conceived the strategy for this building, we had no intentions of ever running advertising. We positioned 141 5th Avenue as a downtown landmark and proactively marketed this building through strategic initiatives which included wrapping the building in mesh reflecting a line drawing of the completed building during the restoration process, strategic events, our relationship with HGTV’s “Selling New York”, amazing press coverage and social media outreach.”
“This project was so successful because it’s one of the most beautiful buildings downtown – and it is as beautiful on the inside as it is on the outside,” says Emily Beare, Managing Director at CORE and the Director of Sales at 141 5th Avenue. “There is a high demand in New York City for something special and classic – a home that will never go out of style.141 5th Avenue is not your average New York City condo - we created homes and people felt that the minute they walked through the door.”
Developed by Savanna, a New York City-based real estate investment and development firm, 141 5th Avenue is considered downtown’s most successful luxury loft conversion. The 34-unit gem, formerly the 1897 Merchant Bank of New York Building, is located on a prominent corner of Fifth Avenue in the heart of the Ladies’ Mile Historic District. The building’s classic beaux arts façade features terra cotta detailing and a distinctive cupola that have been meticulously restored to their original grandeur. The New York City Landmarks Preservation Commission has commended the design scheme of the restoration, brought to life by the award-winning architecture and design firm of Cetra/Ruddy.
“We saw a tremendous opportunity to restore this beautiful building and transform 141 5th Avenue into a luxury residence at one of the most attractive locations on lower Fifth Avenue,” said Chris Schlank, a managing partner of Savanna. “We are thrilled that the condominiums and penthouses are completely sold, particularly without price adjustments throughout the duration of the project. It has been a pleasure working with the CORE team led by Emily Beare and Shaun Osher, who did a remarkable job marketing the building.”
Savanna is a New York City-based real estate investment and development firm that has been in operation since 1992. Since its inception, Savanna has invested approximately $1.5 billion of capital in multiple asset types throughout the Northeast corridor and Mid-Atlantic region with a clear focus on investment opportunities that provide superior returns. For additional information on Savanna, visit www.savannafund.com.
CORE is a boutique real estate firm that delivers the best in brokerage, marketing, communications and advisory services for the luxury residential segment. CORE’s elite group of highly experienced and successful professionals services developers who value efficient, no-nonsense results. CORE was founded by Shaun Osher as a full-service boutique with a national reach and a strict adherence to the principles of integrity, efficiency and results. For more information visit www.corenyc.com.
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